Fat Tuesday is Mardi Gras, a day of revelry, gluttony, intoxication and showers of shiny plastic beads. It is the party to end all parties because it’s followed by Ash Wednesday, when Lenten sacrifices commence.
Fat Cat Tuesday is the day – Jan. 2, 2018 – on which the boards of directors of America’s biggest corporations handed their CEOs more money than those same CEOs would deign to pay their workers for an entire year of labor, 260 days.
It was a day of revelry, gluttony and private jets for CEOs and worthless shiny plastic beads for workers.
The occasion is commemorated in Britain as well. There, though, it took CEOs three days to accrue more compensation than the total annual wages of the typical worker.
That’s because American CEO pay takes the cake – and we’re not talking Mardi Gras King Cake containing a tiny plastic baby Jesus figure because no Son of God would be associated with U.S. CEOs’ sinfully gluttonous pay packages.
The average pay of Fortune 500 CEOs – a gobsmacking $14.3 million – is four times that of top executives at comparable sized corporations worldwide, according to a study by Bloomberg analysts.
And it’s 265 times what the median U.S. worker earns – enabling U.S. CEOs to rake in more cash for one day at the office than the median worker gets for laboring an entire year.
Here’s how it breaks down: The typical CEO at a Fortune 500 corporation got $53,846 for showing up at the office on Tuesday, Jan. 2, 2018. The median American received $44,668 for working the entire year of 2017.
For one day on the job, those fat cats were awarded $9,178 more than all the wages a typical American earned over an entire year. That $9,178 is one fifth
Read more at CAF.org